India’s induction furnace (IF) steel market witnessed negative price trends as offers by suppliers fell by up to INR 600/tonne, d-o-d on 3 November, 2022.
Sponge iron offers dropped by INR 50-300/t. The highest decline of INR 300/t was seen in the southern region – Bellary and Hyderabad.
Moreover, billet prices fell in the range of INR 100-500/t across regions with the maximum fall of INR 500/t seen in the Chennai ,Jalna and Mumbai market.
Also, rebar (Fe 500) offers edged down in the range of INR 100-600/t across regions. Prices saw a major drop of INR 600/t in Mumbai and Raigarh markets.
Overall, the market noticed a downfall in terms of offers and prices on account of limited demand and lower offers. Rising inventories with plants remained a key concern, which seemed to put further pressure on prices, SteelMint notes.
Click here for re-bar brand wise details
SteelMint’s price assement (Region wise)
Leave a Reply